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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Well, gee - it was purchased for $87,000. Probably would have sold without any trouble for $800,000. With $150,000 of work he's now listed it for $1.4M. Gets an 'additional' profit of $500,000 minus the cosmetic work of construction. I'd rather walk away with $1.3M in equity instead of $700K too. [/quote] Two years ago a few doors down a fairly original home sold $980k. I say he could have got 1.1 as is in Spring 2021 peak. I tried to get quotes in last year in work and prices are insane. You don’t get much for $150k in a home Reno. This guy did a kitchen and all the bathrooms plus painting and floor sanding. Appliances alone in 2021 are way up in price. Plus headache. But I guess even if spent 200k and gets 300k more that is a decent return If someone is relocating from out of state and has some relocation money might pay it just to avoid the headache of waiting on new construction or renovating a house. Turn key in Potomac in older homes in rare as folks run them to ground a lot [/quote] Agree on the quotes for renovation but he chose cheap finishes and cheap appliances. Notice that everything you can see in the kitchen is Kitchen Aid. The cabinets are probably IKEA. You can get an immigrant to sand a full floor for $2,000. All the wood features are original. The hardware in the bathroom are cheap brushed nickel. There's no custom storage anywhere (aside from the original bookcase) and I guarantee all the closets have $5 wire racks in them which is why the doors are closed. As for your $1.1M quote - I don't agree. The house next door is selling for that price after being listed for more than 60 days and its 2,000 square feet larger with 2 extra bedrooms and an extra half-bath. https://www.redfin.com/MD/Rockville/9900-Sorrel-Ave-20854/home/10898070 It's ugly as a pig but if they were both in the same condition on the same street, one is selling for $200K lower. So the $800K quote stands. [/quote]
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